NRG Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $122.37.

Put/Call (OI)

0.31

44k P / 141k C

Put/Call (Volume)

0.12

1k P / 10k C today

30d ATM IV

45%

annualized implied move

Call wall

$165

27k contracts

Put wall

$40

7k contracts

Tail hedging

0.2×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.31 puts per call outstanding.
●Call wall at $165 (27k contracts), 35% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $40 (7k contracts), 67% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 4.7× deep-OTM put OI — speculative upside positioning dominates the tails.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	21k	3k	0.16	3k
2026-08-28	2k	1k	0.48	102
2026-09-04	160	341	2.13	186
2026-09-11	177	180	1.02	41
2026-09-18	51k	5k	0.10	2k
2026-09-25	672	167	0.25	11
2026-10-02	3	3	1.00	72
2026-12-18	56k	10k	0.18	5k
2027-01-15	7k	14k	2.02	66
2027-03-19	1k	6k	5.19	13
2027-06-17	1k	1k	1.19	1
2028-01-21	1k	3k	2.84	12

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.